COVID-19 has revolutionized many ideas and at the same time, it has also re-emphasized the value of some existing concepts. “What is the significance of staying one step ahead of your competitors” is one of those concepts that have regained the attention of many entrepreneurs. In the same stream, the practices of human resources during COVID-19 are facing remarkable shifts.
Why you need to stay ahead of your competitors?
Business is not only about a successful startup, the creation of enough space for your product in the market, and then reaping the benefits for long-term without new inputs. A single-minded approach to business is never a sustainable idea. The new and existing competition will wipe out your place if you are not working for it. So you always have to work for new ideas – before your competitors could reach those – for retaining your value in the marketplace. Even if there is no significant competition in the market right now, there will be in near future. The focus of the article is on being ahead of your competitors in terms of functionality of human resources during COVID-19.
How can you?
Staying ahead of competitors needs a greater level of innovation. Deploying innovation to human resources during COVID-19 is perhaps the new normal. Creative recruitment channels and remote working could lead to greater productivity and sustained value addition. Your business is defined by the strategy you adopt to acquire your market share. The same is the case with acquiring your share from the talent market. So it is necessary that you should devise a strategy that champions on your strengths and minimizes your weaknesses. Here are a few things you can incorporate in your strategy for staying ahead of your competitors while recruiting, developing, and interacting with your employees.
- Knowing your competitors
You must have keen information about your challengers if you aim to hunt top talent. Their HR strategies, development procedures, their strengths, and weaknesses must be in your view.
- Highlighting your strengths
Working on your strengths to overcome your rivals becomes the next step. Identify the HR strengths that you could offer in the best possible way, make your selection process unique, and add real value to your business by innovating the human resource during COVID-19.
- Knowing the target talent
Research about the choices, needs, and expectations of your overall HR department, so that you could offer the new entrants the package they deserve. Be in touch with them all the time from initial induction to mid-career. It creates affinity and ensures the loyalty of your employees and enriches your employee retention rate.
- Formulating HR strategy
Never think that all the recruits are self-starters. Research the behavior of your staff to promote the best choices among them. It is your job to tell them who you are, what you offer, and what quality means to you!
- Promoting research and development
Innovation is the key to staying at the top of the market. The prime factor contributing to innovation is the ability of HR specialists to put funds for research and development. This helps your employees grow their skills rapidly and constitute the achievement of organizational goals. Human resources during COVID-19 calls for investing in employees’ development through online training programs.
- Practicing flexibility and adaptability
Change is the only thing permanent in this world. So flexibility and adaptability are like oxygen for your business. During the pandemic, human resource practices could be rightly flexible and adaptable to afford the right talent at right time.